Three companies have been rewarded by the Helaba Business Excellence awards for good corporate management, governance and high level of business confidence.

The companies are Wilhalm Limited, Justmoh Mining Services Limited and Joshob Construction Limited.

The award is to recognise the efforts of the companies for their excellence in business practice in accordance with German Banking Standards.

Mr Rashid Pelpuo, Minister of State in charge of Public-Private-Partnership, speaking at the Helaba Business Excellence awards ceremony, said the private sector is the key element in the country’s developmental agenda.

Helaba Business is a German financial institution that gives credit and loans to (SMEs), private businesses and start-ups.

Since its inception in Ghana in 2007, Helaba Business has given € 30 million to SMEs, private businesses and start-ups in the country.

He said the government is creating an enabling environment for SMEs to grow and develop.

He said government is in the process of organising an SMEs Fair to bring together stakeholders to forge the way forward on how to support small businesses.

He commended the organisers of the awards ceremony for rewarding and supporting businesses growth.

Mr James Asare-Adjei, President of the Association of Ghana Industries, called for the establishment of a GH¢ 1 billion fund as a measure to support SMEs.

He said the instability of the economy and rise in inflation are some of the obstacles that deters foreign companies from supporting local industries.

He said the cost of capital is preventing a lot of companies from being productive and it is the biggest challenge to small businesses in the country.

He called on the organisers to extend their support to help more SMEs to grow.

“Cultural differences are a roadblock to accessing finances in the international business community,” he added.

Mr Ralf Schuster, Head of Banks Non-OCECD Countries, Helaba said technology has brought more changes into the way business was done globally.